This calculator creates 3 Way Fair Odds from 3 way betting odds offered by sportsbooks and sports betting sites.By stripping win lose or draw odds of the sportsbook vig into fair value implied probability and “no vig” odds, this calculation converts the odds into a form that is easier to understand. By removing the expected sportsbook edge (otherwise known as vig or juice), and giving you the percent likelihood of each occurring as well as the 3 way fair odds you would expect if the sportsbook weren’t involved. This calculator only works on 3-outcome events like soccer/futbol or other win lose or tie events. For a full description of the math behind the 3 way odds calculator see the article below. To use the 3 way fair odds calculator, simply enter the American odds in the space provided and hit calculate to get the percent value and fair odds.
How the 3 Way Fair Odds Calculator works
Fair Odds is more of guideline than a hard and fast measure of sportsbook vig. It uses the sportsbooks edge and the proportions of the odds to break the vig “responsibility” proportionately between the three odds. Let’s use an upcoming soccer/futbol match as an example: Stoke vs. West Brom in the Premier League. The odds are Stoke: +125, West Brom: +220 and Draw: +225. The first step in determining the fair odds implied probability:
Implied Probability = 100 / (Odds + 100)
Implied Probability 1: 44.44% or 0.4444 = 100 / (+125 + 100)
Implied Probability 2: 31.25% or 0.3125 = 100 / (+220 + 100)
Implied Probability 3: 30.77% or 0.3077 = 100 / (+225 + 100)
We can add the Implied Probability of all three to get 106.46% (1.0646 as a decimal). The amount over 100% is the sportsbook’s vig or juice. We need to determine the proportion of the amount over 100% that each of the odds is “responsible” for. That means simply dividing them by the total percent of all odds:
Fair Odds = Implied Probability / Total Implied Probability of All Odds
Fair Odds 1: = 44.44% / 106.46%
Fair Odds 2: = 31.25% / 106.46%
Fair Odds 3: = 30.77% / 106.46%
Fair Odds 1: 41.74%
Fair Odds 2: 29.35%
Fair Odds 3: 28.90%
Now we know the 3 Way Fair Odds for all three outcomes and can look for an edge if we believe the side we are looking at stands a better chance of winning than the percentages indicate. There are some strong warnings that come with this calculation: sometimes bookmakers play with the lines in a way that the sports bettor is always in the dark of. That means that they are considering the vig to be more the “responsibility” of one side of the bet or another. The Fair Odds model is the best guess as to what the sportsbook is thinking, though.